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BREAKING: CBN finally orders banks to commence circulation of old notes

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Ten days after the Supreme Court ordered that the return of the old N1,000, N500 and N200 notes as legal tender to circulate side by side the redesigned versions till December 31, 2023, the Central Bank OF Nigeria (CBN) on Monday, finally issued the much-awaited circular to commercial banks to implement the order.

But it came hours after President Muhammadu Buhari, absolved himself of blame and threw it at the doorsteps of the CBN and Attorney General of the Federation, short of asking Nigerians, who had suffered the brunt of the cash crunch crisis to hold them responsible.

The by the apex bank’s directive to the Deposit Money Banks (DMBs) was to the effect that the should comply with the orders of the apex court, which had on March 3, delivered a judgement in in a case initially brought by three Governors – Nasir El-Rufai of Kaduna, Yahaya Bello of Kogi ane Bello Matawalle of Zamfara, who riled against the February 10 deadline for the old notes to cease to be legal tenders.

The apex court had initially halted the implementation of the deadline on February 10 and reiterated same a week later on February 15, before Buhari in a nationwide broadcast on February 16, ordered that only the N200 notes should return as a temporary measure till April.

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Against the backdrop of back and forth between the banks, claiming not to have received a clear directive from the apex band and their customers, who had faced some of the most trying times in recent years, the CBN finally issued the directive by CBN’s acting Director, Corporate Communications, Isa AbdulMumin, on Monday.

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The statement read: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”

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BREAKING: Anjarwalla, fleeing Binance boss, sues FG

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Justice Inyang Ekwo, of the Federal High Court, Abuja, will on April 8, begin hearing in the case filed by detained Binance executive, Tigran Gambaryan, and Nadeem Anjarwalla, Executive Manager, West African Region, over their detention by the Office of the National Security Adviser (NSA).

Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over alleged violation of his fundamental rights.

The suit filed by Olujoke Aliyu, from Aluko and Oyebode Law Firm, Gambaryan, through an originating motion dated and filed March 18, is however now concentrating on the latter, since the escape of Anjarwalla from custody, as legal representation on his behalf has now been withdrawn.

Aliyu, in filing the matter, sought five reliefs on behalf of Gambaryan, while Anjarwalla, who allegedly escaped on Friday, March 22, reportedly filed a separate case also bothering on enforcement of rights.

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Marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, the suits both against the ONSA and the Economic and Financial Crimes Commission (EFCC) as first and second respondents, with Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, specifically seeking a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution (As Amended).

Arguing that the act amounted to a violation of his fundamental right to personal liberty as guaranteed by the constitution, he also sought an order directing the authorities to release him from their custody and return his international travel passport with immediate effect.

Gambaryan, who also prayed the court for an order of perpetual injunction restraining the ONSA and EFCC as well as their agents from further detaining him in relation to any investigation into or demands from Binance, also demanded a public apology to him, and bearing the cost of the legal action on a full indemnity basis.

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He argued in his statement supporting the claim that as an American citizen he only visited Nigeria on February 26, along with Anjarwalla, as a representative of Binance, to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

Giving 11-ground argument why his application should be granted, he said that he and Anjarwalla, dutifully attended the meeting, but were detained thereafter and had since remained in detention since then.

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Maintaining that he did not commit any offence during the meeting, neither was he informed in writing of any offence he personally committed in Nigeria at any other time, he added: “The only reason for my detention is because the government is requesting information from Binance and making demands on the company. I am not a member of the Board of Directors of Binance.

T.J. Krukrubo (SAN), who initially appeared for both petitioners, while reminding the court that though the respondents were served two days ago, they were not represented in court, however, drew the attention of the court to the notice of withdrawal of legal representation for Anjarwalla filed on March 26, though he did not give details of why they were withdrawing their legal representation.

Ekwo, while acknowledging that such move meant that the applicant had no legal representation, but must be accorded, one, said he had to adjourn to enable him seek legal representation and for the respondents to be given an opportunity to come to court.

He therefore announced April 8 for further mention and to enable both the ONSA and EFCC, to file their response to the application in the case of Gambaryan.

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We must cure destructive malaise of defections in political parties – Ganduje

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Abdullahi Ganduje, National Chairman of the All Progressives Congress (APC), on Thursday, attributed what he termed incessant and reckless defection of politicians from one political party to another in Nigeria, to lack of ideology, a malaise, which he said must be cured to create an enduring democratic ethos.

Ganduje, former Governor of Kano, who bemoaned the parlous situation, insisted that political parties must now begin to build enduring ideologies and party identities to ensure stability.

The party boss, who spoke when he inaugurated the party’s zonal coordinators across the country, adding that the trend must change for the better, indicated that the zonal coordinators would be in charge of the six geo-political zones of the country.

The event saw the former governor naming Hope Uzodimma of Imo as the coordinator for the South-East, Abdulrahman Abdulrazaq of Kwara as that of the North-Central, while Mai Mala Buni would coordinate the North-East.

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Others, in the arrangement which is supposed to keep the party busy at all times, and maintain constant links with the national leadership, were Uba Sani of Kaduna state for the North-West, Babajide Sanwo-Olu will serve as the South-West and Bassey Otu of Cross River for the South-South coordinator.

Giving the governors the charge, he said: “They should liaise with the party to commence the immediate process of genuine reconciliation of aggrieved members in the geo-political zone. mobilise governor’s of the zones to effectively and physically participate in the party’s activities in the zone, consult with governor’s and resolve issues that will further enhance its progress and unity.

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“They are to also assist the party on resource mobilisation in serving the party and participate in any other activity that may be assigned by the party. We want to change the narrative, we want our political party to be active throughout the year, therefore, all our offices must be physically operational, all our offices must be functionally operational. Right from the local government to state level, there must be activities throughout, but this cannot happen by chance.”

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BREAKING: At last, Enugu LP lawmakers defect to PDP, meet Mbah

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After weeks of speculations, six members of the Enugu State House of Assembly elected on the platform of the Labour Party (LP) finally announced their defection to the ruling Peoples Democratic Party (PDP) in the State, on Thursday, in what indicates a likely bandwagon, as a result of the crisis rocking one Nigeria’s main opposition parties.

The LP, which emerged third in reckoning after the 2023 general elections, has been embroiled in internecine crisis, with the Nigerian Labour Congress (NLC), its parent body, insisting on the ouster of Julius Abure, as the National Chairman.

Incidentally, Abure, was re-elected at the party convention called to choose new leaders expected to take to the next stage after putting up a stellar performance during the last election, a development, which itself, had also sunk into controversy, as both the NLC and the party’s Board of Trustees (BoT), dismissed it as a sham and insisted on taking over its leadership.

Apparently, seizing the moment, the Enugu lawmakers who have been speculated were eager to shift loyalty, cited the “existence of irreconcilable division, incessant crisis within the Labour Party at the national level and across all the state chapters,” as their reason.

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The Nigerian constitution forbids defection from one party to another by elected political office holders, except in cases of division in their original parties, or in the case of the merger of the previous parties, a loophole, the Enugu lawmakers, have now exploited to make good their long-expected switch.

While presenting themselves to Peter Mbah, the Governor of the state, they added: “Regrettably, the party has evolved into state of perpetual discord with various factions embroiled in legal battles, thereby undermining its ability to effectively serve the interest of the people.

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“The Labour Party once a beacon of hope for progressive ideas have regrettably become synonymous with internal squabbles, thereby reducing its capacity to fulfil the aspirations of electorate.”

Citing the national leadership tussle between the factions of Julius Abure and Lamidi Apapa as well as the national treasurer as some of the crises within the opposition party, they expressed hope that the PDP would give them the platform to continue to serve the interests of their people and thanked the leadership of the Labour Party for their support.

The defectors include the Chief Whip of the House and member representing Igboeze North I, Ejike Eze; the leader of the House and member representing Enugu North, Johnson Ugwu; the member representing Enugu South Urban, Princess Ugwu; member representing Nsukka West, Pius Ezeugwu; member representing Igbo-Etiti East, Amuka Williams, and member representing Oji River, Osita Eze.

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After move through a motion for their defection was moved by Iloabuchi Aniagu and was seconded by Jane Eneh, Harrison Ogara, spokesman of the Assembly, also elected on the platform of the party, said though the lawmakers enjoyed freedom of association, they should know that there is a section of the Constitution that states that any member of a political party that defects to another political party without fulfilling the constitutional provisions for defection will automatically lose his or her seat.

Ogara insisted that there was no crisis at ward, local government, and state levels of the party in Enugu State as well as the national level of the party that would have warranted them to defect to another political party.

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